TechFlow news, BlackRock CEO Larry Fink said on Wednesday that he hopes to work with regulators and understand any thoughts they may have regarding the recently proposed spot Bitcoin exchange-traded fund (ETF) applications. He also stated that Bitcoin, as the largest cryptocurrency by market capitalization, serves a role in "digitizing gold."
In an interview with Fox Business Network, he said, "We have a good track record of working with regulators, making sure we address all issues surrounding any application." He added that he couldn't speak specifically about the application. "We work closely with regulators, and we want to hear their views. What we're trying to do in crypto is democratize it, allowing investors to gain exposure at a lower cost."
"Right now, bid-ask spreads in crypto are very expensive," he said. "That erodes a lot of returns, and we hope our regulators will view these applications as a way to democratize access to crypto."
Speaking more broadly about Bitcoin, Larry Fink compared the asset to digital gold, although he noted he personally does not hold any Bitcoin. He added, "Specifically on Bitcoin, as I've said before, we believe in the digitization of products. Bitcoin is an international asset, one that people can use as an alternative form of participation."
